Q3 2021
Micro Market Report TELLURIDE
398 W Colorado Avenue
27551 Highway 145
Telluride
MARKET UPDATE
Perhaps nowhere else in the state does the slogan “Colorful Colorado” apply more aptly than in golden-hued Telluride. Perched at 8,750 feet and tucked into a beautiful box canyon, Victorian Telluride is a historian’s dream town, with its 1913-built Sheridan Opera House, preserved gold rush cabins made of local pine and spruce, and National Historical Landmark District designation. While skiing is, of course, a huge draw for the town, there are many other perks to visiting or relocating to this unique area—acres of rolling mountainside, a free scenic gondola, loads of outdoor festivals, and plenty of art galleries, restaurants and shops to keep guests and locals happy year-round. Montrose Airport, which is just 60 miles outside of Telluride, has planes from 10 major hubs servicing the Telluride region. Whether your passion is jazz, film, bluegrass, or culinary delights, Telluride has a festival to suit. Above all, the scenery astounds, whether you’re enjoying views of the lush canyon or one of the area’s many 13,000- to 14,000-foot peaks. It’s no wonder that the region saw a 101% increase in residential real estate sales so far this year. LIV Sotheby’s International Realty produces a Micro Market Report analyzing real estate performance in San Miguel County, where Telluride is located, for the first three quarters of 2021 compared to the first three quarters of 2020. The Town of Telluride recorded a 69% increase in land sales, an 89% increase in the average price per square foot of condominiums and townhomes, and a 39% increase in the price of sold single family homes compared to the same time period in 2020. Mountain Village, which is accessible from Telluride by gondola, had a whopping 164% increase in sales, growing from 84 residential properties sold in the first three quarters of 2020 to 222 sold so far in 2021. The average price
of single family homes in Mountain Village rose from $3,808,514 to $4,843,059—a 27% increase over last year at this time. Land parcels in Mountain Village are also being snatched up, with a 110% increase in sales over last year. It’s not just the resort towns that are seeing such astonishing growth, either. The outlying communities of the Surrounding Mesas, Norwood, and Ridgway are also rising exponentially. Residential property sales in the Surrounding Mesas increased 241% so far this year over last, with land sales there rising by 85%. Norwood’s residential home sales increased 81% and Ridgway’s residential home sales rose 164% over the same time period in 2020. Ridgway, the most populous town in Ouray County, also experienced a 45% increase in the average cost of single family homes sold during January through September this year compared to the same months last year, ballooning from $542,308 to $786,857. There’s no doubt people are flocking to this little corner of Colorado, and the area’s immense appeal will ensure that the surge continues.
SAN MIGUEL COUNTY January through September
2020
2021
% Change
Sold Listings (All Properties)
275
553
101%
Sold Single Family
140
125
-11%
Sold Condos/TH/DP
135
205
52%
Average Days on Market
261
283
8%
$1,988,818
$1,714,913
-14%
94.1%
97.9%
4%
$546,924,942
$922,167,145
69%
Average Sold Price % Sold Price to List Price Total Sales Volume
All Residential Properties
Based on Information from flexmls/Telluride Association of Realtors®. This representation is based in whole or in part on data supplied by flexmls/Telluride Association of Realtors®. flexmls/Telluride Association of Realtors does not guarantee nor is in any way responsible for its accuracy. Data maintained by flexmls/Telluride Association of Realtors may not reflect all real estate activity in the market.
coloradomicroreports.com
TELLURIDE
NEIGHBORHOODS
1.
Telluride
2.
Mountain Village
3.
Norwood
4.
Ridgway
4
3
2
1
MICROMARKET REPORT | Telluride livsothebysrealty.com
JANUARY - SEPTEMBER 2021 • COLORADOMICROREPORTS.COM
January through September Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$2,381,545
$2,150,528
-10%
$1,106
$1,505
36%
261
206
-21%
$11,200,000
$14,500,000
29%
123
116
-6%
94.9%
99.1%
4%
TOWN OF TELLURIDE
All Residential Properties
39%
The average sold price for single family homes in the Town of Telluride increased by 39% January through September 2021 compared to that of 2020.
January through September Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$3,155,554
$4,398,960
39%
$1,284
$2,012
57%
339
197
-42%
$7,496,850
$14,500,000
93%
39
25
-36%
94.0%
98.3%
5%
Single Family Homes
The historic Town of Telluride, designated as a National Historic
January through September
Landmark District in 1964, is near the end
Average Sold Price
of a picturesque box canyon surrounded
Average Price per Square Foot
by incredible 13,000 and 14,000-foot peaks. Just 12 blocks long by eight blocks
Average Days on Market
wide, the town is a menagerie of colorful
Highest Price
Victorian homes, superb restaurants,
Properties Sold
historic buildings, and independent
% Sold Price to List Price
boutiques, galleries and outfitters.
2020
2021
% Change
$1,818,957
$1,421,841
-22%
$1,019
$1,926
89%
230
118
-49%
$11,200,000
$9,550,000
-15%
85
69
-19%
98.0%
98.2%
0%
Condominiums, Townhomes, Duplexes and Triplexes
January through September Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,330,231
$1,673,227
26%
214
491
129%
$6,100,000
$4,725,000
-23%
13
22
69%
91.0%
105.0%
15%
Land
January through September Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$2,253,701
$1,786,018
-21%
$712
$796
12%
281
297
6%
$7,900,000
$10,500,000
33%
84
222
164%
95.5%
97.5%
2%
All Residential Properties
January through September Average Sold Price Average Price per Square Foot Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$3,808,514
$4,843,059
27%
$688
$811
18%
with cobblestone plazas, European
312
399
28%
architectural accents and a mix of
$7,900,000
$8,100,000
3%
29
34
17%
96.0%
98.2%
2%
Single Family Homes
January through September Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,425,740
$1,435,951
1%
$718
$792
10%
260
159
-39%
$4,400,000
$5,900,000
34%
56
127
127%
96.1%
99.2%
3%
Condominiums, Townhomes, Duplexes and Triplexes
January through September Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$527,586
$810,923
54%
756
529
-30%
$1,850,000
$10,500,000
468%
29
61
110%
90.0%
94.9%
5%
Land
1995, the Town of Mountain Village was inspired by modern ski villages in Europe
residential and commercial structures. At over 9,500 feet in elevation, the town sits on the north end of sunny Turkey Creek Mesa and consists of over 2,100 acres of land.
127%
The number of condominiums, townhomes, duplexes and triplexes sold in Mountain Village increased by 127% January through September 2021 compared to that of 2020.
MOUNTAIN VILLAGE
Highest Price
Founded in 1986 and incorporated in
2020
January through September
San Miguel County, named for the river of
SURROUNDING MESAS
the same name, covers 1,289 square miles
Average Sold Price Average Price per Square Foot
in southwest Colorado. San Miguel County is
Average Days on Market
home to the bedroom communities of Ophir,
Highest Price
Sawpit, Placerville and Norwood, all located within a short distance to the county seat, Telluride.
Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,991,388
$1,880,303
-6%
$534
$918
72%
212
398
88%
$13,250,000
$39,500,000
198%
32
109
241%
94.3%
95.8%
2%
All Residential Properties - Deep Creek Mesa, Hastings Mesa, Iron Springs/ Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa
85% The number of land parcels sold in the Surrounding Mesas increased by 85% January through September 2021 compared to that of 2020.
January through September Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$581,109
$739,337
27%
458
466
2%
$3,500,000
$4,495,000
28%
39
72
85%
90.3%
95.2%
5%
Land - Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, Wilson Mesa
January through September Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
NORWOOD
2020
2020
2021
% Change
$466,824
$359,288
-23%
$237
$243
2%
272
231
-15%
$2,850,000
$2,750,000
-4%
27
49
81%
96.8%
94.3%
-3%
All Residential Properties
The Town of Norwood, about a 40-minute
January through September
drive from Telluride, is located on a western
Average Sold Price
plateau and is primarily agricultural in
Average Days on Market
nature featuring ranch lands, cattle and other livestock operations. Outdoor
Highest Price
activities are plentiful, with no shortage
Properties Sold
of options for hunting, fishing, hiking and
% Sold Price to List Price
mountain biking nearby.
2020
2021
% Change
$133,211
$157,214
18%
293
243
-17%
$275,000
$655,000
138%
19
21
11%
89.0%
92.1%
3%
Land
January through September Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$492,693
$453,746
-8%
$277
$328
18%
125
190
52%
$1,100,000
$1,250,000
14%
14
37
164%
97.4%
97.3%
0%
All Residential Properties
January through September Average Sold Price
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$542,308
$786,857
45%
$279
$337
21%
132
93
-30%
$1,100,000
$1,250,000
14%
12
14
17%
97.6%
99.6%
2%
The number of properties sold in Ridgway increased by 164% January through September 2021 compared to that of 2020.
Single Family Homes
January through September Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
A 30-minute drive north of Telluride, and
$195,000
$320,000
64%
set in the beautiful Uncompahgre Valley,
$264
$398
51%
is the Town of Ridgway. Often referred
82
91
11%
$220,000
$320,000
45%
a picture-perfect downtown as well as
2
1
-50%
several outlying subdivisions and the
96.5%
0.0%
-100%
Condominiums, Townhomes, Duplexes and Triplexes
January through September Average Sold Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$900,418
$213,830
-76%
280
268
-4%
$9,175,000
$925,000
-90%
19
20
5%
93.2%
96.1%
3%
Land
to as the “Gateway to the San Juans,” Ridgway is a close-knit community with
expansive Log Hill Mesa.
RIDGWAY: OURAY COUNTY
Average Price per Square Foot
2020
164%
WHY COLORADO?
04
NATIONAL PARKS
07
MOUNTAIN RANGES
28
SKI AREAS & RESORTS
300
AVG DAYS OF SUNSHINE ANNUALY
350+ CRAFT BREWERIES
MICROMARKET REPORT | Telluride JANUARY - SEPTEMBER 2021 • COLORADOMICROREPORTS.COM